American Express earnings beat expectations on strong card fee revenues, shares rise

reported fourth-quarter results that beat analyst expectations, sending the stock higher as card fee revenues grew more than expected.Here's how the payments company's results compared to what Wall Street analysts expected:Revenue: $11.365 billion vs $11.36 billion expectedDiscount revenue: $6.83 billion vs $6.88 billion forecast

"These results demonstrate the success of our strategy to generate sustainable, profitable growth across the enterprise over the long term," CEO Stephen Squeri said in a statement. He also noted American Express added 11.5 million new proprietary cards in 2019, with nearly 70% of new card members opting for the company's fee-based products. This helped to drive "card fee revenue growth of 17 percent.

The company's adjusted annual profit came in at $8.30 per share, representing a 12% jump from the previous year. American Express expects 2020 profits to range between $8.85 per share and $9.25 per share. Analysts polled by Refinitiv expected earnings guidance ranging between $8.49 per share and $9.67 per share. The company also sees revenues growing between 8% and 10%.

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